Night Vision Goggle Market is Forecasted to Reach US$ 3.2 billion in 2028, Says Stratview Research

The global Night Vision Goggle Market is projected to witness a growth rate of 4.6% annually from 2023 to 2028, with an anticipated size of US$ 3.2 billion in 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Night Vision Goggle Market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 3.2 Billion
Growth (CAGR): 4.6% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Night Vision Goggle Market:
The global Night Vision Goggle Market is segmented based on product type, device type, platform type, technology type and region.

Based on product type - The market is segmented into helmet-mounted display and handheld goggle. Between these product types, helmet-mounted display is expected to remain the biggest market category in the coming years. These night vision goggles efficiently track the area where soldiers see and can extrapolate the visual information. These goggles help in the provision of a close-up simulation of the soldier's natural vision. They also act as a force multiplier during critical missions. As a result, the development of helmet-mounted displays is growing rapidly.

Based on device type - The market is segmented into binocular, monocular, and others. Among these device types, binocular is expected to maintain its dominance in the market during the forecast period. These are most suitable for ground-based missions, due to the twin-viewing tubes providing a bigger field of view, considered ideal for surveillance, imaging, and scouting. Binocular devices provide better depth perception and a more natural viewing experience, making them particularly valuable for tasks like navigation, target identification, and overall situational awareness.

Based on platform type - The market is segmented into ground-based platform, air-based platform, and naval-based platform. Among these platform types, the ground-based platform is likely to continue as the major demand generator for night vision goggles in the foreseeable future. These devices are frequently used by dismounted soldiers for every ground-based operation and mission. Moreover, several counter-terrorism missions occur in low-light environments or during nighttime, which simultaneously increases the usage of night vision goggles.

Based on technology type - The market is segmented into image intensification technology, thermal technology, and fusion technology. In recent years, goggles embedded with fusion technology have proved to be excellent tools for night vision and have generated a large demand. These goggles detect thermal radiation as well as enhance (or magnify) the light of the environment and translate it into a picture. Therefore, with the increasing focus on curbing terrorism and with the growing border disputes, the demand for night vision devices equipped with fusion advanced technology is expected to increase in the years to come.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that North America, the largest military spender, is expected to remain the major market for night vision goggles and it held a revenue share of more than 45% in 2022. This growth outlook is majorly attributed to the following-
• This is attributed to the extensive investments made by the US DoD. Concurrently, Asia-Pacific is expected to witness the fastest growth in the night vision goggles market in the coming years.
• The key factor responsible for the rapid regional growth, apart from the swift rise in the overall military expenditure, is the increasing penetration of the regional market players, such as Thermeye Tech (Hangzhou Kexin Import and Export Co., Ltd.), JPNV, Bharat Electronics Limited (BEL), and MKU LIMITED.

Night Vision Goggle Market Drivers:
Some of the key drivers listed in the report are given below.
• The rising military expenditure in developing economies, growing deployment of armed troops, and surging military operations in recent years, are likely to escalate market demand in the near future.
• Moreover, with the ongoing Russia-Ukraine war and Israel-Palestine conflict, increasing political stalemates and border conflicts, along with the growing threat of terrorism, the market will have a strong growth potential in the upcoming years.

Top 10 Companies in the Night Vision Goggle Market:
Stratview Research has identified the following companies as the top market players:
• L3Harris Technologies, Inc.
• BAE Systems plc
• Thales Group
• Elbit Systems Ltd.
• Raytheon Technologies Corporation
• Leonardo DRS
• Rheinmetall AG
• Excelitas Technologies Corp.
• ASELSAN A.S.
• Hensoldt AG

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Night Vision Goggle Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com
Related Reports:
• Night Vision Device Market: https://www.stratviewresearch.com/2813/night-vision-device-market.html
• Helmet-Mounted Display Market: https://www.stratviewresearch.com/2839/helmet-mounted-display-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.